Saturday, November 29, 2008

Smart Money offers online reference guide on Alzheimers

Smart Money has a special report (online) on Alzheimer’s Disease, with the main link here. One of the major concerns in the report is that people who are gradually losing cognitive functions make poor investment decisions or fall for scams. The report contains a link to a story of a financial trader who actually suffered early onset Alzheimer’s and whose first symptoms were the inability to keep up with face-paced financial trading work.

The report contains a reference to a brief quiz of symptoms, which can include having trouble with “referencing time” and forgetting major tasks.

The site also offers a 5 minute video where managing editor Jonathan Dahl interviews CFP David A. Schneider (his "Wealth Management Solution" site is here) about managing the finances of someone with Alzheimer’s. Eventually over 11 million baby boomers could have Alzheimer’s. The law does not currently have a lot of recourse for bad decisions made because of dementia. Financial planners and tax preparers have to manage their interpersonal skills carefully when working with such clients.

Although the video does not say so directly, when a family member manages a patient’s finances, sometimes it is desirable to place the patient’s money in a protected trust. The visitor should speak to an attorney about his possibility.

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